In Figure 3-2, a move from a point like B to a point such as D
A. is not possible.
B. can be attained with a more efficient allocation of resources.
C. can be attained if there is an improvement in technology.
D. can be attained if unused resources are put into production.
Answer: C
Economics
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In the long run, the output level is determined by
A. aggregate demand. B. aggregate supply. C. household income. D. the government.
Economics
The equilibrium price for a British pound is $1.60. At a price of $1.75 per British pound, there would be excess __________ the dollar and the dollar would __________
A) supply of; appreciate B) supply of; depreciate C) demand for; appreciate D) demand for; depreciate
Economics